(Analyzing accrual transactions on a work sheet)

Analyze the following accrual-type events and add them to the work sheet you prepared for P15-3.

1. Adjust for the expiration of 1 month's rent.

2. Adjust for the expiration of 1 month's accident insurance.

3. Adjust for the "using up" of the vehicles during the month. (Assume the vehicles have a useful life of 48 months from the beginning of the year.)

4. Accrue for 1 month's interest owed on the $\$ 180,000$ loan. The interest rate on the borrowing is 8 percent a year. (Add a column for Interest payable.)